What is the first step in debt settlement process...
Date: Fri, 02/05/2010 - 15:10
I have four credit cards with over $43,000 in balances. Three are from Chase and one from Citibank. I own a house and have a reserve fund but it is about 15K. I am done with Credit Cards and would like to just settle my debt with them and live like normal people (within my means). What is the first step, second step and what am I supposed to do over the next few months? Any help would be greatly appreciated.
I am far from an expert,but am doing this myself. So you are
I am far from an expert,but am doing this myself.
So you are willing the use the 15k to settle your debt? Also you are willing to take the huge hit to your credit?
First step is to stop paying all your CC companies.
Come up with story (or the truth) as why you cannot pay them. IE lost a large portion of your income.
Prepare to repeat that story over and over again for the next few months.
Sit back and wait and start saving your money for the settlement.
Good luck.
